New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-15
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICES.
Perhaps the secret history Of yesterdays and TUESDAY
break in the oil market will never DO written. On INC
surface Il was due TO strngency in money in Oil CITY,
which forod liquidation on the part weak longs, the
reports regarding the meeting OF the
producers in Pttsburg and the sales by operators VINO
lccEy enough 10 obtain early Information oi tho
Phillips Benin well No in the Kebold pool, Butter
County, PENN which opened up as o gusher Tuesday
But these influences, In the opinion OF many
traders sufficient 20 explain break OF Is cents
per barrel In days. Bitter tak Is heard In private
from angry Disguised buschargcs OF treachey which,
justly uniusty point by common consent In
direction. And Is worth while, also, to aude to
tho fact that pr6hent PRODUCER whose good fortune
has been unusual OF late Is hailed by the bears as though
partly responsible for tho OF tho bear attacks In
eresied Ia Independent refinery and pipeline sehene
prices might be to his interest but an anomaly ap-
pears when the operators interests as large producer Is
considered And It Is open secret that he Is opposing
the shutdown movement which should bring benefit TO all
producers.
The certificate market yesterday was in complete
troll OF tho bears. excited opening 0S 5-saO9
followed in Ave minutes By crash to GO cents there was
barely any market which mabe intermediate quota
tons sharp rally TO &c quickly followed and
prices ranged around figure Tor about hour two
But the bulls were thoroughly demOralled and when he
MoIk was renewed Oh reporting b' ar IrG V "a, INC
again and ended practically the lowest point OF the day.
weak but prees have been sweps back to level that the
oil country almost denounces Improbable for
l4O barrels an nou yesterday t yield was down to 10
barrels Its ncighbOr ehm NO 81, which has been doing
So 20 100 barrels an hour showed drainage by fall 20
a barrels hour. This eibOld pool looks like rich
ono but It viii gush Itself out like all the white-sand
fields one Of the largest OF territory I'm this Dis
iret also owning the lis named Is moving actively In
the shutdown There Is the best authority for
saying that the Pttsburg conference was harmonious ono
and made decided progress In the plans for stopping the
drill and curtalng Present production. The scheme may
command thu support Of producers interested in de-
pressing values market wle but IL Will control twohrds
Of the production and there Is every indication that the
organization VIII accomplish the imperative work which
has taken up. And the pipeline are down
daily average OF 4s,i23 barrels the deliveries show
ing o 9f7 barrels day ~ September H.
Tho Of prices and the total dealings at the Con-
soitated Exchange follows
Ofcning. % . highest 50 lowest, O2 nnal O2 Is
Sales, barrels, 100000.
The break checked the demand for refined and
quotations were lowered Is cent To- 80 cents per gallon
frrTsBURG. Penn. Sept. N.-PetroIoum excited and
cSssf AZ 62s highest yrics 90; lowest price G2is 49,
TrUsyLR Psna sept 14.-Natieaa Transit Certthcatos
opened at IS and closed at 62R highest price, 6s low
price. 90
BRADFORD. Penn. Sept 1i-Naonal Transit Certificates
est price 80. ClsaraRccs 25iGO00 barrels .
or CRY, Penn. sent li.truds Ol--Natlonal Transit
Certificates opened B8 and closed at B29 hgheSt prc
esq., lowest price g. sale, 2s77O9D barrels, charters,
81 Sse barrels coarances 5oiiOO0 barrels shipments
IO.SOD barrels, runs, barrels